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CJ CheilJedang to sell US food unit to Bain Capital for $320M

CJ Cheiljedang Corp. has agreed to sell a 27% stake in its U.S. unit, CJ Foods America, to U.S. private equity fund Bain Capital LP for $320 million, Reuters reported May 22, citing a regulatory filing by the South Korean conglomerate.

CJ Foods, which was established in 1978, manufactures and distributes Asian food products with a focus on Korean food, in the U.S. Its brands include the Bibigo brand of dumplings, Korean-style bowls and sauces; the Annie Chun's band of entrees and bowls, seaweed snacks and crisps and dry noodles; as well as the CJ CheilJedang brand of packaged food products and condiments.

The move comes about three months after CJ, through CJ Foods, completed its acquisition of U.S. frozen food company The Schwan Food Co. Inc. for $1.84 billion.